Better way to market your short sales

By
Real Estate Agent with Realty Benefit

We had a new short sale come on the market. The clever listing agent only allows showing for one weekend. He publishes the dates and time in the MLS, and clearly states that if you are interesed, you must view it then. All offers were due by 5:00PM Monday.

He was asking for Highest and Best offers.

Why is this a good idea.

The seller isn't bothered with having to show the property, it's only shown Sat and Sun.

The agent only has to hold one open house, well technically 2.

The open house creates a lot of traffic, getting those interested, enticed to make a more substaincial offer.

The listing agent also states in the MLS that the "seller" will make a decision by Thursday. Ok, so the seller making a decision doesn't really help that much, but if it helps a potential buyer make a decision, then it's a good move.

Some banks will only consider one offer at a time. Getting the Highest and best offers, then submitting THE absolute highest and best offer to the bank should greatly increase the odds of getting a short sale approved.

He has made a believer out of me. I'll handle my next short sale listing this way.

Oh - how many offers did he get? 18!!!!

Now, please cross your fingers for me and my client, because we were on of those 18 making an offer.

Paul McDuell - looking for comments.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
California Orange County Rancho Santa Margarita
Tags:
short sale
ranch santa margarita
new twist
auction style

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,402,703
Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

We often see limited access properties in our MLS. Don't laugh! We see some that say write and offer, sight unseen, but make it subject to visual inspection. That's right! Write an offer without even seeing the home.

Oct 26, 2009 05:27 PM #1
Rainer
353,160
Jim Cheney
Saint Francis Property Santa Rosa, CA - Santa Rosa, CA
Rincon Valley Realtor 707.494.1055

That a great idea.  I think most agents like to use their listings to try to meet new buyers.  I don't like doing that because I feel like I'm using my client's property at their expense to better my business.  But it is common knowledge that open houses are a great way to meet prospective clients.  Anyway, thanks for sharing.  That's a great idea.

Oct 26, 2009 05:29 PM #2
Rainmaker
71,817
Paul McDuell
Realty Benefit - Rancho Santa Margarita, CA

Thanks for the comment Vickie, "subject to inspection" used to be more common in the OLD days (early 80s) than it is today. but I did write one this year. Then when the buyer got a chance to see it, he recinded his offer.

Jim, I know what you mean. I am the Open House king, doing open houses almost every weekend. I honestly believe it's still a good way to market a house, and if I meet someone that wants to buy a different house, well, that's a bonus!

Oct 26, 2009 05:38 PM #3
Rainmaker
490,257
Lori Mode
The Mode Real Estate Group - Elk Grove, CA
Real Estate Made Simple

Paul - thank you for the post and idea!  I have 2 new short sales that I'm going to try this on...it seems like it will make life easier with all of our multiple offers recently. 

Oct 26, 2009 05:48 PM #4
Rainmaker
71,817
Paul McDuell
Realty Benefit - Rancho Santa Margarita, CA

Thanks for the comment Lori - Good luck, and post back to let us know how it works out.

Oct 26, 2009 06:07 PM #5
Rainmaker
655,982
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes

This sounds like an interesting technique. Let us all know how this turns out.

Oct 26, 2009 07:05 PM #6
Rainer
34,829
Keith Burke
Coldwell Banker Brown Realtors - Belleville, IL

Paul,

I currently have a Short Sale listing.  I'll try this idea the first weekend in November (7th and 8th).  I'll let you know how it goes! Have a great day!

Oct 26, 2009 10:19 PM #7
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
71,817

Paul McDuell

Ask me a question
*
*
*
*
Spam prevention

Additional Information